USDC just added $2B in supply in a single week after six months of stagnation and Bernstein is calling it the start of a new growth cycle. Their $140 price target on CRCL implies ~60% upside from here. The number driving that conviction: USDC's share of stablecoin transaction volume went from ~40% in 2025 to over 60% this year, passing Tether in actual usage even if not in market cap. Regulatory clarity, tokenized markets, and AI agents making payments are the catalysts they're watching. That last one is early but it's the one worth paying attention to.(Lark Davis)